June 12, 2018 / 1:02 AM / a month ago

GRAINS-Soybean prices edge up on crop report, move away from 5-mth low

    SYDNEY, June 12 (Reuters) - U.S. soybean futures edged
higher on Tuesday to ease away from a five-month low touched in
the previous session, with the U.S. Department of Agriculture
pegging the condition of crops below market expectations.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were up 0.2 percent at $9.55-3/4 a bushel by 0037
GMT. They closed down 1.6 percent on Monday, when prices touched
their lowest since Jan. 12 at $9.53-1/4 a bushel.
    * The most active corn futures were up 0.36 percent at
$7.53-3/4, having closed down 2.8 percent in the previous
session. On Monday, they marked their lowest since Feb. 26 at
$3.66-3/4 a bushel.
    * The most active wheat futures were down 0.7 percent
at $5.11 a bushel, having closed down 1.1 percent on Monday. 
    * The USDA said 74 percent of the U.S. soybean crop was in
good-to-excellent condition, down on analyst expectations.

    * The USDA said 77 percent of the U.S. corn crop is in
good-to-excellent condition, slightly down on market forecasts.
    * Traders were turning their focus to the USDA's monthly
crop supply and demand report scheduled for release on Tuesday. 
    * Farmers in the export-focused western part of Australia
received beneficial rains at the end of the winter wheat
planting window, although conditions remained parched in eastern
states.
         
    MARKET NEWS  
    * The dollar rose to a three-week high against the yen on
Tuesday, elevated by hopes that the closely-watched U.S.-North
Korea summit in Singapore can pave the way towards a reduction
in tensions between the two old foes.  
    * Oil prices were little changed in early Asian trading on
Tuesday as markets awaited the outcome of the meeting in
Singapore.  
    * All three major U.S. stock indexes closed slightly higher
on Monday.  
    
    DATA/EVENT AHEAD (GMT)
0900  Germany          ZEW economic sentiment           Jun
1000  U.S.             NFIB business optimism           May
1230  U.S.             Consumer prices                  May
1500  U.S.             Cleveland Fed CPI                May
          U.S. Federal Reserve starts two-day policy meeting
        
 Grains prices at  0037 GMT
 Contract      Last   Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat  511.00    -3.50    -0.68%       -1.73%   516.83   41
 CBOT corn   368.00     0.75    +0.20%       -2.58%   395.44   21
 CBOT soy    955.75     2.00    +0.21%       -1.39%  1013.46   16
 CBOT rice    11.64    $0.00    +0.00%       +3.79%   $12.14   52
 WTI crude    66.09   -$0.01    -0.02%       +0.53%   $68.81   43
 Currencies                                                      
 Euro/dlr    $1.174  -$0.004    -0.33%       -0.20%              
 USD/AUD     0.7589   -0.002    -0.26%       -0.13%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham
Editing by Joseph Radford)
  
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